The Analysis of Stock Market Development Indicators: Evidence from the ASEAN-5 Equity Markets

Sukcharoensin, Pariyada; Sukcharoensin, Sorasart

doi:10.7763/ijtef.2013.v4.314

Cited by 7 publications

(5 citation statements)

References 7 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…It is measured by market capitalization of firms as a ratio of GDP for stock market development (Beck & Levine, 2004). Market capitalization of firms stipulates the firm's ability towards efficient funds allocation and risk diversification (Sukcharoensin & Sukcharoensin, 2013). The funds availability in stock market is better for firms with higher market capitalization (Noor & Ali, 2015).…”

Section: Literature Reviewmentioning

confidence: 99%

Stock Market Development and Financial Structure of Non-Financial Firms

2021

cibg

View full text Add to dashboard Cite

The study seeks to investigate the relationship of stock market developent with financial structure of firms in Pakistan. Quantitative approach is used in this study. For this purpose, secondary data is obtained from published annual reports of 100 non-financial firms listed in Pakistan Stock Exchange from 2008-2018. The data related to stock index is obtained from daily KSE 100 stock index ranging from 2008 to 2018. Dynamic panel model has been used; two step system GMM panel estimators are applied for empirical testing of hypothesis. The study indicates that two stock market development measures like stock market capitalization and trading volume increases the debt level in financial structure. However, stock market volatility decreases the optimal financial structure of firms. The study is beneficial for corporate managers for efficient and optimal financial decision making. Moreover, the study has novel contribution in the relationship of various stock market development measures with number of financial structure measures.

show abstract

Section: Literature Reviewmentioning

confidence: 99%

Stock Market Development and Financial Structure of Non-Financial Firms

2021

cibg

View full text Add to dashboard Cite

show abstract

“…Similarly, different sectors within the market have a different level of risk, therefore diversification across different sectors will minimize risk and maximize the portfolio returns. Sukcharoensin and Sukcharoensin (2013) analyzed stock market development in ASEAN-5 Equity Markets by looking into the size, accessibility, efficiency, and stability of the stock market and able to classify the market development which is very useful information to investors who are interested to cross border share trading. Therefore, the broad scope of fundamental analysis includes the components such are country economy development, economic sectors, stock market, and listed company.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The model explained that stock market development is the function of stock market liquidity and country economic growth. Some studies focused on evaluating the ability of the stock market on capital allocation, providing opportunities to investors to diversify the risk, and to trade economically (Sukcharoensin and Sukcharoensin, 2013). Further was elaborated that, the World bank introduced Financial Sector Development Indicators (FSDI) in 1996 which captures other dimensions of development such as access, stability, efficiency, and size.…”

Section: Stock Market Developmentmentioning

confidence: 99%

The Combined Effects of Managerial and Operational Performance of Various Fundamental Components on Stock Selection

Moh’d¹,

Ramasamy²,

Mohd³

et al. 2021

jeb

View full text Add to dashboard Cite

This study aims at quantifying fundamental components such as the country economy, stock market development, economic sectors, and company’s performance computed by Data Envelopment Analysis (DEA) built-in MATLAB program and combined using a top-down approach. It was conducted in the East African region specifically Kenya, Tanzania, Uganda, and Rwanda from 2015 to 2018. A secondary data extracted from the listed company’s websites, capital market authorities of each country, and World Bank. The study found that the combined performance of various components has a great impact on screening the stocks to be used for portfolio construction. It gives a signal to the authorities of capital markets, investors, policymakers, and other regulatory bodies to take immediate measures on designing policies and best practices. Further recommendation to the capital market authorities within the region is to ensure the growth of managerial and operational performance of stock exchanges. Also, regulatory bodies, policymakers, and higher-level administration of each country within the region to take responsibility to uplift the country's economy as well as economic sectors growth. The board of directors and management of listed companies should formulate strategies to improve both managerial and operational performance.

show abstract

“…Walkshausl 2013argued in a study that the effect of stock market volatility is associated with the quality of firms. Stock market capitalization indicates the firm"s ability to allocate the funds in investment projects and provide significant opportunities for risk diversification to investors (Sukcharoensin, 2013). Firms are having more liquid stocks have better operating performance and capital gains.…”

Section: Literature Reviewmentioning

confidence: 99%

The Role of Stock Market Development in Influencing the Firms Performance: A Study Based on Pakistan Stock Market

Sulong¹,

Saleem²,

Ahmed³

2018

IJEF

View full text Add to dashboard Cite

The study aims to examine the role of stock market development in influencing the performance of non financial firms listed on Pakistan Stock Exchange from 2001 to 2017. Stock market development is a foremost issue of debate nowadays in emerging and developing economies. The theories and empirical studies strongly refer that stock market development is a tool to mobilize the savings and investment to promote the industrialization and firms performance. This study is an effort to establish the empirical relationship between stock market development and firm’s performance. Three indicators of stock market development like stock market volatility,stock market liquidity and stock market liquidity are used for assessing the book and market performance of firms. For this purpose two-step system Generalized Method of Moments (GMM) estimator was employed in a dynamic panel model for empirical testing of hypothesis. The findings indicates that stock market volatility is a significant factor which which attempts to decrease the firm performance. On the other hand, stock market capitalization and stock market liquidity significantly causes the increase in firm firm performance.

show abstract

The Analysis of Stock Market Development Indicators: Evidence from the ASEAN-5 Equity Markets

Cited by 7 publications

References 7 publications

Stock Market Development and Financial Structure of Non-Financial Firms

Stock Market Development and Financial Structure of Non-Financial Firms

The Combined Effects of Managerial and Operational Performance of Various Fundamental Components on Stock Selection

The Role of Stock Market Development in Influencing the Firms Performance: A Study Based on Pakistan Stock Market

Contact Info

Product

Resources

About